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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

procurement requirement

Law; Contracts

Estimated number or amount of an item (or group of items) from which number or amount on-order as well as on-hand is deducted.

procuring authority

Law; Contracts

Entity designated and authorized to issue purchase orders and to coordinate purchasing activities.

partial settlement

Law; Contracts

Fulfillment, performance, or satisfaction of a severable part of a contract (see severable contract) or claim, evidenced by a partial settlement agreement.

partial termination

Law; Contracts

Cessation of a portion of the work that was supposed to be performed under the terms of a contract.

participating risk

Law; Contracts

Probability of loss due to failure of the other party (or parties) to a contract to perform as required.

particular lien

Law; Contracts

Claim that requires satisfaction of a debt only in respect to the goods or property in possession of a lienor. For example, an unpaid auto mechanic has a lien on the repaired ...

partner's lien

Law; Contracts

Partner's right to apply the contributions of all other partners towards the partnership's debts, and to deduct such debts from what is owed to the partners by the partnership.